Ghana’s inflation Rate Declines to 52.8%

Ghana’s inflation Rate Declines to 52.8%

Ghana’s consumer inflation slowed to 52.8% year on year in February from 53.6% in January, the statistics service said on Wednesday.

The decline reported was the second consecutive month that inflation has slowed since reaching a more than a two-decade high of 54.1% in December 2022, according to data released.

Ghana is facing its worst economic crisis in a generation and is in the process of restructuring its debt in order to secure a $3 billion loan from the International Monetary Fund.

Recall that government started processes to settle payments on outstanding domestic bonds on March 13 and holders of those bonds should receive their payments within the next 24 hours, the finance ministry said on Tuesday.

The initial instruction covers coupon and principal payments on bonds that matured on Feb. 6 and Feb. 13, 2023. Ghana has to restructure its debt to secure a $3 billion International Monetary Fund bailout.

The central bank has hiked its main lending rate by 13.5 percentage points in the past year in an effort to contain price rises.